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Estate Planning

Just owning a house is one thing, but how can you make that house work for you. While one of the simplest ways to recoup money spent on a house is to spend it, that isn’t always a practical option. It isn’t even always the best option. But your estate is more than just your house – it includes all of your tangible, and at times intangible assets. Real property, vehicles, pieces of artwork, and valuable items are only a few pieces of the puzzle. Planning out your estate is a complex, oftentimes arduous task – let us help you with a few simple steps.

There are multiple elements to an estate, all of which should be considered in the formulation of a plan. When most people think of an estate, the first thing that usually comes to mind is a will. A will allows you to specify your precise wishes on how you want your property to be distributed among your family and others. This is something that should be updated regularly, as certain milestones are met – setting a conservator for your children’s care may not be necessary after a certain age, for example. Another element is a trust, which holds your assets to for the benefit of one or more people, such as your children, your spouse, your pets, or a business. A trust is set up with the assistance of an attorney, as it is a legally binding document. Life insurance is one of those topics that most people don’t discuss until it is too late. A life insurance policy is designed to protect you and the beneficiary in the event of something tragic, and it can be a crucial element of any estate plan. Another element of an estate are gifts, which are transfers of property that are made during your lifetime, either to a family member, a friend, or to a charity.

Some of these topics may be uncomfortable. Planning for a future where you aren’t present always is, but it is imperative to have some plan set in place before then. In having your desires spelled out, you can prevent future hardships. During your lifetime, choices can be made that offer you benefits with your taxes, such as write-offs. Your estate is a central part of your life, and the life that will go on after yours. Planning ahead protects your family, and those closest to you, while also ensuring that your wishes for their lives are met.

As registered investment advisors, it is our duty to help make the best choices that benefit you, as our client. When planning an estate, that is our only goal. We understand the difficulty of such a topic, and are here to assist you in any way you need. When planning your estate, we will help you determine the average of your current income, and likely future income, annual expense, current assets and debts, and the tax implications that can hinder or assist your estate. These details allow us to set out a plan that meets your needs and your wants.

Contact us, and we can begin the process of preparing for your future.